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This is Bob Larson with the Market Line Report for Monday, January 15th. Wheat prices take a somewhat predictable hit on Friday. From the floor of the CME in Chicago, here’s Virginia McGathey …

Virginia McGathey ... “The market had rallied so much that it was vulnerable to a correction and with the plantings being up for 2018 there was nothing else to really hold the market up or any buyers to kind of keep support so the market did have some double-digit losses. But, it certainly seems that it had some room to fall and now it’s gaining some equilibrium. And, even at 14 cents lower where we are today, the market is still much stronger than it had been over the last couple of months. So, it still looks relatively good. We didn’t get any limit move or anything like that. But, we’re going to be headed into more of a weather market so I expect to see the markets being a little bit more choppy.”

Chicago March Wheat prices closed yesterday dn 12 ¾ at 420 ½

March corn was dn 2 ½ at 347 ¼

Portland prices for soft white wheat of Ordinary Protein for January ended the day dn 6 ½ ranging from 5-20 ½ to 5-33 Hard Red Winter wheat with 11 ½ % protein, prices for January were dn 14 ranging from 5-71 ¼ to 5-86 ¼ DNS wheat with 14 % protein, prices for January were dn 16 ¼ ranging from 7-27 ¾ to 7-47 ¾

Live Cattle for February were up $.30 at 117.50 January Feeder cattle are up $.52 ½ to 144.47 ½ January Class III milk was dn .05 cents at 13.75